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Old 02-19-2013, 09:02 AM
Franc Tireur Franc Tireur is offline
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Former deficit panel leader warns of 'failed presidency' if Obama ignores entitlement

One of the leaders of President Obama's discarded deficit-reduction commission warned Tuesday that Obama "will have a failed presidency" unless he deals "honestly" with entitlements, as he and his Democratic counterpart pushed Washington to once again come up with a bigger and better fiscal deal.

Former Republican Sen. Alan Simpson warned that programs like Medicare and Social Security must be dealt with in order to get the country on a sustainable path.

They spoke as Obama prepared to make yet another call for Congress to avert imminent spending cuts. The president, in remarks late Tuesday morning, plans to urge congressional Republicans to accept more tax revenue in order to avert sweeping cuts poised to hit March 1 -- though Congress is out of town for the week. The plea marks the latest effort by Obama to get lawmakers to at least pass a short-term fix, in the face of increasing resistance among Republicans who say Congress should not keep kicking the can.

Simpson and Erskine Bowles, the former co-chairmen of the president's deficit-reduction commission who for years have been urging Washington to stop kicking the can, got in front of the president early Tuesday morning to push a plan of their own.

"Over the medium and long-term, our debt is projected to continue growing faster than the economy. It is simply on an unsustainable path," they said in a statement.

The government needs money? TAX HIGHER IMPORTS!
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